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Gold Fields to unbundle SA assets

Nov 29 2012 08:34

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Johannesburg - Gold miner Gold Fields [JSE:GFI] on Thursday
announced the creation of a new South African gold mining company through the
proposed unbundling of its 100% owned subsidiary‚ Sibanye Gold - formerly known
as GFI Mining South Africa Proprietary Limited (GFIMSA) - which holds the KDC
and Beatrix gold mines as well as various service companies.

Subject to approval by the JSE and the NYSE‚ Sibanye Gold
will be listed as a separate and independent company on both exchanges in
February 2013‚ it said.

Sibanye Gold shares will then be distributed to existing
Gold Fields shareholders.

Both Gold Fields and Sibanye Gold will be domiciled in SA
with their primary listing of shares on the JSE and a secondary listing of American
depository receipts on the NYSE. The other existing secondary listings on the
Swiss‚ Dubai and Brussels stock exchanges for Gold Fields will remain
unchanged.

Following the unbundling‚ Gold Fields will retain the
balance of its current portfolio of assets‚ including the developing South Deep
Gold Mine located in South Africa

Neal Froneman‚ currently Chief Executive Officer of Gold
One International [JSE:GDO]‚ will become CEO of Sibanye Gold and Charl Keyter‚ currently Head of
Finance for Gold Fields' international operations‚ will become the Chief
Financial Officer.

Gold Fields said there would be no direct job losses as a
result of the transaction.

Besides South Africa, now the world's fifth biggest gold
producer, Gold Fields has mines in Peru, Ghana and Australia.

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